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The Turtle “DONCHIAN” Channel Trading Strategy


The Turtle Channel Trading Strategy – The BEST “SCALPING and SWING Trading Strategy” For Beginners That No-one Ever Told You. This tutorial provides a clear, winning, step-by-step guide to, “How to successfully trade in the Forex, Stocks, or any financial markets, and generate consistent profits”.

So, by the time you finish this tutorial, you’ll know exactly when to enter high probability trade using the “TURTLE CHANNEL” and STOCHASTIC Indicators.

 

STOCHASTIC to identify overbought and oversold levels

There are two lines you should be aware of in the Stochastic tool. The K-Line (blue) represents the closing price while the D-Line (orange) is the moving average of the K-Line.

The stochastic should be your main entry signal. The ranges the lines are bound in are important metrics to see if the asset is oversold or overbought.

When the K-Line (blue) drops below 20, labelled in yellow above, it indicates a buying or long signal as the asset is oversold.

Similarly, the zone in red, which is above 80, is an indicator to sell or short the asset as it is overbought.

 

The Turtle Channel Indicator

The Turtle Channel Indicator is a very simple indicator that allows the traders to trade based on 10 and 20 days Moving Average breakout. To set the stop loss and take profit while using the 10-days breakout method, use the 5 days low, or high. For the 20 days breakout, you need to use the 10 days low and high. For the 40 days breakout, you need to use the 10 days low and high.

Price action traders identify trending markets based on swing highs and swing lows consistently forming either higher highs or lower lows. Price action and market flow traders also identify the swing highs and swing lows as support and resistance levels.

The Turtle Channel Indicator is a trading tool which can be used for the same trading concept, identifying reversals based on the breaks of the support or resistance levels.


 

How to install the “TraderVersity-TheTurtleChannel
    • Download “TraderVersity-TheTurtleChannel” (Zip/RAR File).
    • Copy mq4 and ex4 files to your Metatrader Directory …/experts/indicators/
    • Copy the “TraderVersity-TheTurtleChannel.tpl” file (template) to your Metatrader Directory …/templates /
    • Start or restart your Metatrader Client.
    • Select Chart and Timeframe where you want to test your forex system.
    • Right-click on your trading chart and hover on “Template”.
    • Move right to select “TraderVersity-TheTurtleChannel” trading system and strategy.
    • You will see the “TraderVersity-TheTurtleChannel” is available on your Chart.

 

BUY Setup

  • Step 1: The Tutle channel lines are below price action, or the trend is bullish.
  • Step 2: You Look at the stochastic oscillator, then make sure both K and D lines are in oversold regions, or bullish divergence.
  • Step 3: Take a buy, or long position when the stochastic lines cross above the oversold regions.
  • Step 4: Ensure that both of the stochastic lines has not hit overbought levels yet.
  • Stop Loss:  Set the stop loss below the nearest swing low.
  • Profit Target: Trail the stop loss below the doted lines until stopped out in profit, or use 1 to 3 Risk Reward Ratio.

 

SELL Setup

  • Step 1: The Tutle channel lines are above price action, or the trend is bearish.
  • Step 2: You Look at the stochastic oscillator, then make sure both K and D lines are in overbought regions, or bearish divergence.
  • Step 3: Take a sell, or short position when the stochastic lines cross below the overbought regions.
  • Step 4: Ensure that both of the stochastic lines has not hit oversold levels yet.
  • Stop Loss: Set the stop loss above the nearest swing high.
  • Profit Target: Trail the stop loss above the doted lines until stopped out in profit, or use 1 to 3 Risk Reward Ratio.

 

Trading NOTES
  • The primary reason I like The Turtle channel “Trend Reversal” Trading Strategy is because it gives us the opportunity to enter a stock very close to support or resistance zones.

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